New Delhi: The Supreme Court on Monday dismissed a petition by a group claiming to represent shareholders of Satyam Computer Services Ltd seeking compensation for losses suffered because of an alleged fraud.
A bench headed by Supreme Court Chief Justice K.G. Balakrishnan said the petitioners, Midas Touch Investor Association, didn’t represent the investors of Satyam. Midas Touch had filed the petition seeking compensation of as much as Rs5,000 crore, according to an email from the group in May. The group said it represented 300,000 retail shareholders who lost money in Satyam.
Little relief: A file photo of Satyam Computer’s office in Hyderabad. Bharath Sai / Mint
Satyam’s former chairman Ramalinga Raju in January admitted he had overstated assets by at least Rs7,136 crore.
A government appointed board sold control of Satyam to rival Tech Mahindra Ltd in May.